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Thread: Gramercy Park Vicinity Developments

  1. #16
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    Quote Originally Posted by Derek2k3
    Project #3

    East 23rd St. & Third Avenue
    Dev-J.D. Carlisle Development Co.
    ~250,000 Sq. Ft.
    Proposed


    From http://cityrealty.com:

    Large site being demolished at 23rd Street and Third Avenue 02-SEP-05

    Demolition is proceeding on a large parcel on the northwest corner of Third Avenue at 23rd Street for a condominium apartment development.

    The site was recently sold by Y.L. Real Estate Developers, of which Yair Levy is a principal, to J. D. Carlisle Development, one of the city’s most active residential builders.

    The site, which includes air rights that had been acquired from adjacent buildings, can be developed with about 300,000 square feet, or close to 300 apartments.

    A recent article by Alison Gregor published in The Real Deal indicated that Mr. Levy sold the site, which he had acquired about a year ago for $35 million, for about $85 million.

    The site is convenient to the Flatiron and Gramercy Park districts and has excellent public transportation.

  2. #17
    Disgruntled Optimist lofter1's Avatar
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    Quote Originally Posted by Derek2k3
    ...a luxury condo with $4.8 million penthouses.

    The building, being done by the developers of the Plaza Hotel, is called the Grand Madison. (Its actual street address is 225 Fifth Ave.)

    www.grandmadison.com
    I went by the Grand Madison yesterday and picked up some info.

    Of the 192 Units originally offered there are now about 55 Units still available. They range in price from $920,000 for a 10th Floor 1 Bed / 1 Bath 706 sf unit which overlooks the interior courtyard to $2,725,000 for a 3 Bed / 3 Bath 1708 sf two-level PH unit (with an additional 281 sf "terrace") overlooking 5th Avenue.

    It seems that most of the choicest (and highest priced) units on the south side of the building overlooking Madison Square have been grabbed up.

  3. #18
    Forum Veteran krulltime's Avatar
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    some update....

    Quote Originally Posted by Derek2k3

    240 Park Avenue South
    17 stories
    Gwathmey Siegel & Associates
    Dev-Yitzchak Tessler of Linjan Associates, LLC
    Residential Condominium
    52 units 112,851 Sq. Ft.
    Proposed



    Pavarini McGovern Construction Company
    240 Park Avenue South | New York, NY


    http://www.pavarinimcgovern.com/expe...nue_south.html

    Project Information
    Owner: 240 Park Avenue South, LLC
    Architects: Gwathmey Siegel & Associates
    Role: Construction Manager, At-Risk (Currently in Preconstruction)
    Contract Value: $28.75 Million
    Size: 112,851-SF/17-Stories
    Completion Date: 1st Quarter 2006

    On Park Avenue South, luxury loves company
    Tessler plans another condo project as upscale companion to 260 Park Avenue South



    By Eric Marx
    October 2005

    A swanky restaurant or an office building is a far more common sight than a new condo development along Park Avenue South, but the predominately commercial and rental corridor is seeing some changes. Yitzchak Tessler, who began marketing 260 Park Avenue South last year, has another building one block away that will enlist some major architectural star power.

    Architect Gwathmey Siegel will design a 17- story residential building at 240 Park Avenue South, on the northwest corner of Park Avenue South and 19th Street. The project will replace a nondescript row of shabby-looking low-rise commercial structures.

    The project will house 55 condo apartments in a 110,000-square-foot building with a setback tower that rises just above neighboring buildings.

    Like its neighbor at 260 Park, the new project will feature loft-style apartments with 11-foot ceilings (15 feet in the penthouses) and 8-foot high windows that will let in light from the front, back and sides -- courtesy of a back courtyard and a rounded southeast corner that will grant expansive Downtown views. All the units will be "frontal," unlike at 260 Park Avenue South, Tessler says.

    "It's going to be a very high-end building, and [the fact] that they've decided to go with a name architect reflects their aspirations," says Judith Thorn of Warburg Realty.

    A short supply of new condos in the area -- from Union Square to Murray Hill, Gramercy Park, and the Flatiron District -- means nearly anything put on the market will sell well, Thorn added.

    The last project by Tessler, a principal partner in Linjan Associates, is a case in point. Apartments at 260 Park Avenue South quickly sold at an average $1,275 per square foot. Construction is now nearing completion on the 110-unit project.

    The project at 240 Park Avenue South will include 800-square-foot one-bedrooms, 1,500-square-foot two-bedrooms, 2,150- square-foot three-bedrooms, and four 4,000- square-foot penthouses.

    Gwathmey, who recently designed a striking glass tower in Astor Place for the Related Companies, describes the building as "sympathetic without being imitative" of the existing neighborhood architecture. It will have a limestone façade and subtle color palette.

    Tessler says pricing will be in line with the front-end units at the 260 building (where the highest prices reached as much as $2,400 a square foot), though a marketing agent is yet to be appointed, nor have papers been filed with the state Attorney General's office. Construction is expected to begin in early 2006 with a completion date forecast for mid-2007.

    While commercial and rental buildings dominate Park Avenue South, lots of low-key businesses and nonprofit tenants who can't afford to pay the increased rents or buy their buildings may lead to a lot of turnover in the next two to four years, says Shaun Osher, who handled sales for 260 Park Avenue South.

    Nearby, a significant amount of development is going on along the East 23rd Street corridor (see story in this issue), and around Madison Square Park and the lower portion of Madison Avenue just to the west.


    Copyright © 2003-2005 The Real Deal.

  4. #19

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    Does anyone know what's going on with that really beautiful glass building proposed for Park in the mid 20's? (There's a parking lot there now.)

  5. #20
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    Quote Originally Posted by londonlawyer
    Does anyone know what's going on with that really beautiful glass building proposed for Park in the mid 20's? (There's a parking lot there now.)
    Something ought to be put there, and fast. Empty lots are a lot worse than the crap buildings you love to rail about :P

  6. #21

    Default Victor 23

    Project #5

    Victor 23
    340/ 338-346 East 23rd Street
    21/23 stories
    Gerner Kronick + Valcarcel, Architects, PC.
    Dev-Victor Homes (Moshe Shuster)
    Residential Condominium
    20 units 230,000 Sq. Ft.
    Proposed Early 2006-Mid 2007



    Gerner Kronick + Valcarcel, Architects, PC.
    http://www.gkvarchitects.com



    The Real Deal: October 2005
    Condos line East 23rd Street's concrete canyon
    By Steve Cutlerl


    http://www.therealdeal.net/issues/OC...1128270753.php

    The Victor Homes project on First Avenue brings the Richard Meier-style glass curtain wall to the project near the East River at 23rd Street. Randy Gerner, principal of GKV Architects, is designing the building, which will be a companion piece to the Post Luminaria, a Late Modern-style luxury rental building he designed at 23rd Street and First Avenue for the Clarett Group and Post Properties, which was completed in 2002. The Luminaria has floor-to-ceiling glass windows, encased in sandblasted matte glass.

    "This is high end, with no expense spared, letting us go to the next level, with a technological control system of services within the apartment," says Michael Shvo, its marketing agent.

    The 23-story building will offer more than 200 apartments, ranging from 400 to 2,500 square feet, including duplex penthouses. Construction will begin around the end of this year and sales are expected to start in the first quarter of 2006, well before completion in the middle of 2007.


    Map

    New condo development on East 23rd Street 04-OCT-05
    Victor Homes, which is headed by Moshe Shuster, plans to erect a 21-story condominium apartment building with about 200 units at 340 East 23rd Street.


    Property Shark
    Property information and photo

  7. #22

    Default

    Quote Originally Posted by krulltime
    some update....


    On Park Avenue South, luxury loves company
    Tessler plans another condo project as upscale companion to 260 Park Avenue South



    By Eric Marx
    October 2005

    A swanky restaurant or an office building is a far more common sight than a new condo development along Park Avenue South, but the predominately commercial and rental corridor is seeing some changes. Yitzchak Tessler, who began marketing 260 Park Avenue South last year, has another building one block away that will enlist some major architectural star power.

    Architect Gwathmey Siegel will design a 17- story residential building at 240 Park Avenue South, on the northwest corner of Park Avenue South and 19th Street. The project will replace a nondescript row of shabby-looking low-rise commercial structures.

    The project will house 55 condo apartments in a 110,000-square-foot building with a setback tower that rises just above neighboring buildings....Copyright © 2003-2005 The Real Deal.
    The Italian restaurant, which was the last tenant on the site, has found a new space in the neighborhood. Therefore, demolition might start soon.

    It's amazing that the restaurant stayed open for as long as it did because on all of the surrounding storefronts were large signs warning of rat infestation and rat poison. One would really have to be desperate to eat there!

  8. #23
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    From http://cityrealty.com/new_developments;

    Demoliton work nearly done for Park Avenue South condo project 13-JUL-06

    Demolition is nearly complete and construction is expected to start soon for a new 17-story condominium apartment building on the northwest corner of Park Avenue South and 19th Street.

    The project will contain 52 apartments and is being developed by Yitzchak Tessler of Linjan Associates, who was a co-developer with Max Capital of the recent conversion of two buildings formerly owned by the United Federation of Teachers at 260 Park Avenue South. Mr. Tessler is also involved in the current conversion of the former Helmsley Windsor Hotel on the southeast corner of 58th Street and the Avenue of the Americas.

    The new building will replace four low-rise structures and it has been designed by Gwathmey Siegel, the architects of the very impressive, curved, reflective-glass, new residential tower now nearing completion at 445 Lafayette Street across from Cooper Union.

    Gwathmey Siegel is also the architects for the project at 100 West 58th Street where some double-height windows have been installed and a new large vaulted penthouse. The firm is also the architect for a major residential development on the site of the Superior Ink company facility on West Street in the Far West Village for the Related Companies and of a 53-story hotel and residential tower at 23 Washington Street for The Moinian Group.

    The 13-story base of the new building will have curved corner bay windows and a handsome rectilinear façade grid of inset multi-pane windows that relate to several nearby pre-war commercial buildings in the Flatiron and Gramercy Park districts.

    Mr. Tessler’s other projects have included 150 Nassau Street and 66 Leonard Street. CityRealty.com attempted to reach Mr. Tessler today unsuccessfully.


  9. #24
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    From http://cityrealty.com/new_developments:

    Spare the window and hang the art! 28-SEP-06



    “Unlike typical glass structures prevalent today,” the 17-story residential condominium building now under construction at 240 Park Avenue South on the northwest corner at 19th Street has been designed, according to a press release it issued today, to have “wide spaces between windows that allow for displaying artwork and other decorative elements.”

    Those are fighting, but quite sensible, words in the new apartment building construction market nowadays where may projects have expansive and huge stretches of windows.

    “We wanted to create a high-profile building that would blend with the context of the Park Avenue South neighborhood,” Charles Gwathmey, the building’s architect, is quoted as stating in the release that contained new details about the project, adding that “it is a contemporary version of a masonry building using pre-cast stone elements” and is highlighted by “distinctive, curved corner elements in glass.”

    The 52-unit, 210-foot-high building will have a lobby with perforated leather walls, “milk glass wall accents and Pompignon limestone floors that are echoed throughout all public spaces.”

    The building will have 24-hour doorman and concierge service, an entertainment library suite with daily Continental breakfast, a landscaped terrace for outdoor entertainment, and a 1,500-square-foot fitness center.

    One- to three-bedroom apartments range in size from about 805 to 2,700 square feet, There are two full-floor “penthouses” and the top floor penthouse “offers the rare and usual option of adding a private, free-form, roof-top swimming pool,” according to the press release.

    Kitchens will have Jet Mist granite countertops with aluminum frame kitchen cabinets with white opaque glass and under-cabinet halogen lighting, Sub-Zero refrigerators, Kuepperbusch cook tops with grill, built-in wall ovens, Miele dishwashers, and wine coolers.

    Bathrooms will have a Rositano carved stone sink, Dornbracht fixtures, cast iron tub, Toto water closet and statuary white marble tiled walls and Jet Mist granite floors.

    Ceiling heights range from 10 to 11 feet.

    Itzaak Tessler of Linjan Associates is the developer. Mr. Tessler was a co-developer with Max Capital of the nearby conversion of the two commercial buildings formerly owned by the United Federation of Teachers and now known as 260 Park Avenue South to residential condominiums. Mr. Tessler was also involved in the current conversion of the former Helmsley Windsor Hotel on the southeast corner of 58th Street and the Avenue of the Americas, a project on which Charles Gwathmey, the architect worked.

  10. #25
    Disgruntled Optimist lofter1's Avatar
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    Quote Originally Posted by pianoman11686 View Post

    ... “Unlike typical glass structures prevalent today,” the 17-story residential condominium building ... has been designed ... to have “wide spaces between windows that allow for displaying artwork and other decorative elements.”
    Looking at the rendering ^^^ I'm seeing maybe 2 - 3 feet between windows.

    I guess "wide" is a subjective term ...

  11. #26

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    Fits right in.

    Surprising, coming from an architect who like to stand right out.

  12. #27
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    Quote Originally Posted by lofter1 View Post
    I guess "wide" is a subjective term ...
    Well, when you're comparing that^ to apartments that are completely surrounded by floor to ceiling glass, the increase in wall width is...well, infinite.

  13. #28
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    New condos on Gramercy Park

    Salvation Army selling one of the last developable sites overlooking the exclusive park


    By Lauren Elkies


    The Parkside Evangeline Residence


    In a deal that is attracting as much attention as a ringing bell at Christmas, the Salvation Army has put Parkside, its Gramercy Park women's residence, up for sale for more than $100 million.

    The 83,000-square-foot property, which has unobstructed views of Gramercy Park, has received a lot of interest and is expected to become a luxury condominium (see below).

    The parcel, known as the Parkside Evangeline Residence for Young Women at 18 Gramercy Park South, is one of the last developable properties on the park, and is eagerly sought after because the posh neighborhood has little available inventory. (There is a single large rental building on the park, located at 36 Gramercy Park, which is rumored to soon be becoming a co-op or a condo).

    "Everything else is a co-op or condominium or private residence on the park, or commercial," said Josh Frank, vice president at Halstead Property, who lives in a building facing the park.


    An enclave Downtown

    Gramercy Park itself is the central point of the Gramercy area, which loosely spans from 18th to 22nd streets from Second Avenue to Park Avenue South. Buildings along the sides of the park, except for the north side, fall within the Gramercy Park Historic District, and are therefore bound by city regulations.

    Only residents immediately around the park are granted access to the city's lone private park.

    The park is surrounded by tree-lined blocks, row houses, mansions and apartment buildings, including the oldest surviving co-operative in New York City. Its cultural centers include the National Arts Club, the Players club and Brotherhood Synagogue.


    Adding Schrager luxury

    There's also Ian Schrager's newly transformed Gramercy Park Hotel and soon-to-be opened adjoining condos, which total 30 units.

    The hotel has garnered a lot of praise from area brokers who eagerly await the completion of the Schrager condominiums there.

    The hotel had its opening party over the summer and the apartments are reportedly almost all snapped up, fetching prices of upward of $3 million. (A spokeswoman for the project declined to provide an exact figure on how many units have sold.)

    When units immediately around the park come up for sale, they are fetching high prices.

    Cyrus Greenspon, a senior vice president at Sotheby's International Realty, was closing a deal last month for a classic-six apartment in a pre-war, full-service building at 60 Gramercy Park North, between Lexington Avenue and Park Avenue South. It had an asking price of $2.1 million.

    All the more reason for developers and brokers to salivate over the Parkside Evangeline, which, as its name implies, is just steps away from the park.


    The neighborhood's edge

    Apartments selling beyond the periphery of the park are not always commanding such high prices.

    Steven Marvisch, an associate broker at Brown Harris Stevens, was in contract last month for an apartment at 102 East 22nd Street, between Lexington Avenue and Park Avenue South. At less than 600 square feet, the one-bedroom apartment had a reduced asking price of $499,000, and had been on the market for eight weeks.

    Regardless of the price today, the apartments have all seen sizable appreciation from years ago.

    "Any buyer who bought something seven years ago is probably doing very nicely on their investment," Marvisch said.

    He knows a person who purchased a one-bedroom apartment in the same building as his customer about 10 years ago. "It's probably more than quadrupled in value," Marvisch noted.

    In some other recent deals that show the state of the market in the neighborhood, Nancy Van Bourgondien, a Corcoran Group sales agent who has lived in Gramercy for 28 years, separately sold two side-by-side one-bedrooms, at 211 East 18th Street, both with outdoor space, for $565,000 and $555,000 over the summer.

    Last month, Van Bourgondien was in contract for $1.135 million for a two-bedroom, two-bath apartment in a prewar building on East 19th Street.


    Residence a prime development opportunity

    The Parkside Evangeline Residence for Young Women at 18 Gramercy Park South, run by the Salvation Army, provides women with inexpensive temporary boarding plus two meals a day, though some women have made it more of a permanent home.

    It's likely to house more affluent residents in the near future, as the building is now on the sales block and could be transformed into condos.

    Many of the current residents have already moved out and Parkside has stopped accepting new applications in preparation for the imminent sale. Though the Salvation Army has not gone public about the sale, the residents were notified of the sale several months ago.

    "It's not listed anywhere," said Maya Allan, a Parkside resident and sales agent at Prudential Douglas Elliman. "They are contacting a lot of developers directly. It's a hot place. It's a prime location. They don't need to do too much."

    Allan said the news was not a surprise because rumors of a sale had been circulating for years. In addition, the Salvation Army has been selling off a lot of its properties. "It was just a question of time," Allan said.

    The building, which has a capacity for around 300 residents, has garnered interest from both foreign and local developers and investors, including Gramercy Park residents.

    The Salvation Army has reached out to potential buyers by sending them brochures and in turn has been receiving sealed bids of interest. GVA Williams is the sales agent for the property.

    Arlene Harrison, president of Gramercy Park Block Association and one of five trustees of Gramercy Park, said she did not think the Salvation Army, as a nonprofit charity, could justify keeping a residence like Parkside, which resembles a college dormitory and where woman pay under $300 a week, when it can sell the building for such a high price. If the building fetches $100 million, that would amount to $1,200 a square foot.

    Major Carol Bryant, the administrator of the Parkside residence, said the building was being shown privately to potential buyers.

    "Whatever is done there will be luxury of some kind," said Josh Frank, a vice president at Halstead Property, who said the building is ripe for development.

    Kenneth Scheff, director of sales for the Downtown offices of Stribling & Associates, said Parkside was one of the most exciting projects he has heard of recently.

    "That would be an unbelievable condo development; it would be tremendously well-received," Scheff said.

    Since Parkside falls within the Gramercy Park Historic District, and is therefore bound by city regulations, the main concern for some area residents is that the new developers make the building "appropriate."

    "The key word that everybody will be concerned about is 'appropriate' to the historic district," said Rector Thomas Pike of Calvary Church, a New York City Landmarks Preservation commissioner and trustee of Gramercy Park. "There's an openness to change, but not to radical change."

    He said that the best use for the building would be "for it to remain residential and certainly that would remain consistent with the historic district." But, he added, "If it were up to me, I wouldn't change it."

    Copyright 2003-2005 The Real Deal.

  14. #29

    Default Hi

    Did the sales for the building on 23rd street and 1st ave start in 2006? I was under the impression they just started selling the units. Can someone confirm?

  15. #30

    Default E23 and 3rd ave

    Does anyone know if the builder Carlisle Development has decided whether to make this building on 23rd and 3rd a Condo or a Rental building?

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